International monetary fund and private business transactions : some legal effect of the articles of agreement

My theme of the International Monetary Fund on the business trans actions of private persons and corporations. This is a vast subject because the legal effects manifo and not all of them are obvious. I will confine myself to two specific topics: The first is the major obligations of good conduct that are binding on member states. These are obligations which in the main have been made explicit in the Articles. The second topic is the legal rules of so-called public policy or ordre public. These are not explicit but can nevertheless be drawn from the Articles.

You might ask what these topics have to do with the trans actions of private parties. It is true that the Articles are an international treaty among states and that, insofar as they establish rights and obligations, those rights and obligations are vested in or binding on the states. In other words, the Articles are part of the structure of public international law. Nevertheless, I shall hope to show that the legal effects of the Articles on the everyday trans actions of private parties are considerable indeed, even though these transactions are not themselves directly governed by public international law.